London pre-open: Stocks seen lower amid Covid-19 worries

Pre-open Market Report
06:38, 28th October 2020

(Sharecast News) - London stocks looked set for more losses on Wednesday amid growing concerns about the coronavirus pandemic and tightening restrictions across Europe.
The FTSE 100 was called to open 17 points lower at 5,712.

Investors will be mulling over news that German Chancellor Angela Merkel wants all bars and restaurants to close for a month from 4 November to help slow the spread of Covid-19. If the measures are agreed, shops would be allowed to remain open, while restaurants would only be allowed to offer takeaways.

Meanwhile, there were also reports that France is considering a month-long nationwide lockdown, with President Macron due to make an announcement later in the day.

In UK corporate news, clothing retailer Next lifted full-year profit guidance after a better-than-expected rise in third quarter sales.

The company forecast a pre-tax profit of £365m, up £65m from a central scenario given in September.

Full price sales in the three months to October 24 rose 2.8% against last year. Total sales, including markdowns, were up 1.4%. Year-end net debt was forecast to reduce by £487m to £625m.

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